Value Added Tax or VAT is an indirect tax which means that the burden of the tax falls on the end-consumer. Organizations are obliged to collect and account for the tax in aid of the government. VAT in UAE is applicable evenly on tax-registered businesses running in both the UAE’s mainland and in the free zones.
Vista Auditing and Accounting’s dedicated team of tax professionals keeps you up-to-date on the latest VAT regulations and ensures accurate record-keeping and reporting to the FTA. VAT compliance isn’t just about filing returns on time. It’s about safeguarding your business. Our team meticulously monitors your daily transactions, ensuring accurate record-keeping that minimises the risk of errors and potential penalties during FTA audits. At Vista Auditing and Accounting, we provide you with the following services;
Our team constantly monitors changes in UAE VAT laws, analyses them and promptly communicates their impact to our clients, ensuring they can take advantage of any benefits or avoid potential pitfalls.
Our expert team is here to guide you through every step of the VAT process, from initial assessment to ongoing compliance. Discover how we can help your business with its VAT obligations.
We thoroughly review your business model, revenue streams and transactions to determine your specific VAT obligations and eligibility. This initial assessment ensures we tailor our approach to meet your unique needs.
Our service simplifies the VAT registration process for you. We will complete and submit the VAT registration form on your behalf, ensuring that all necessary documentation is accurately provided. This step is crucial for ensuring your business complies with VAT regulations from the outset.
Accurate record-keeping is essential for VAT compliance. We maintain meticulous records of all taxable transactions, ensuring that your business meets all regulatory requirements and is prepared for any inquiries or audits.
Calculating VAT liabilities or refunds can be challenging. Our team expertly handles VAT returns, ensuring accuracy and preventing discrepancies. We take care of the entire filing process, guaranteeing timely submissions and compliance with tax authorities.
Our team of tax experts carry out VAT return analysis that clarifies your payable or receivable situation. We simplify VAT management, helping you effectively identify liabilities or claim potential refunds.
VAT laws can change and staying updated is crucial. We provide ongoing support and advisory services to ensure your business remains compliant with the latest VAT regulations. This includes regular updates on any changes in the VAT laws that might affect your business.
In the event of tax audits or inquiries from the tax authority, our team stands ready to assist. We provide robust support during audits and furnish necessary reports for management review, ensuring transparency and readiness at all times. With our comprehensive VAT services, you gain peace of mind knowing that your VAT responsibilities are managed by experts. Contact us today to ensure your business is compliant and well-prepared for VAT-related challenges.
To register for VAT in Dubai, businesses and individuals providing taxable products and services need to meet specific criteria.
There are two processes for VAT registration:
Required for all businesses if the total value of taxable supplies and imports in the last 12 months exceeds the minimum registration threshold.
Also mandatory if a company expects the total value of taxable supplies and imports to exceed the registration threshold within the next 30 days.
A business can choose voluntary registration if it meets the mandatory registration criteria.
Voluntary registration is applicable if the total value of taxable supplies, imports, or taxable expenses in the past 12 months exceeds the voluntary registration threshold, which is AED 187,500.
If a company doesn’t complete VAT registration within the specified time or fails to register after exceeding the manual threshold, they face a penalty of AED 20,000.
Boosts Business Profile: Registering for VAT enhances a company’s reputation.
Prevents Penalties: Avoids unnecessary fines by complying with registration requirements.
Facilitates VAT Refunds: Allows businesses to claim VAT refunds.
Expands Market Opportunities: Opens up wider possibilities in the market.
For businesses registered under VAT in the UAE, filing VAT returns is a must. They need to provide information about both input VAT (what they pay to suppliers) and output VAT (collected from sales) during a specific period. If the output VAT is more than the input VAT, the business needs to pay the difference to the Federal Tax Authority.
Insurance
Ecommerce
Manufacturing
Oil and Gas
Real Estate
Trading
Management Consultancy
Hospitality
Holding Companies
Logistics
